BlackRock Pursues a Lesser-Known Firm in Biggest Data-Center Buy

At the start of the year, a lesser-known infrastructure company called Aligned Data Centers managed to pull off a $12 billion fundraise — more than some of the world’s leading artificial intelligence startups have been able to secure in a single round. The goal: dramatically expanding its footprint to support surging demand for the facilities that power AI systems.

Nine months later, with much of that build-out still in the works, Aligned is in advanced discussions to be acquired by BlackRock Inc.’s Global Infrastructure Partners in a $40 billion deal. It’s on pace to be one of the largest ...